Ric Edelman, founder and executive chairman of the US-based Edelman Financial Services, has told Business Insider we will need to work well past the traditional retirement age of 65 – and we’ll enjoy it.
“The notion of retiring at 65 and living to 120, there’s no way you’re going to be able to afford a life of leisure for 50 or 60 years – and that means the notion of retirement is gone.”
But he says we will want to keep working. Why?
The idea of ‘retirement’ is gone
Firstly, we’re going to be healthy enough to do it. “You’re going to be as healthy at age 100 as you are at age 40 or 50, and that means you’re going to want to remain viable and a participant in the economy to be a valued member of the community,” he said.
Secondly, it’s going to be easier to earn a living through part-time work, online and the ‘gig economy’. “You’re not going to have to work 40 or 50 hours a week, and you’re not going to have to make 100 or 200 grand a year to do it.”
And if we need a break? Mr Edelman says most workers will take sabbaticals or ‘mini-retirements’ for a few years where we will learn new skills before returning to the workforce.
It makes sense. As we covered here, ageing expert Dr. Shigeaki Hinohara, who was 105 when he died in July, said people shouldn’t ever retire – or if they must, they should do it well after age 65. His philosophy was that staying active was key to living a longer and healthier life.
“It’s going to be fun, and it’s going to be enjoyable, and it’s going to be beneficial for the community as well – what’s not to love?” Mr Edelman says.
Sounds good to us.
